2022-07-012023-06-302023-06-30false12691257Chief Property Solutions 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Chief Property Solutions Ltd

Registered Number
12691257
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

Chief Property Solutions Ltd
Company Information
for the year from 1 July 2022 to 30 June 2023

Director

Daniel Andrew Vaughan

Company Secretary

Lyndsay Vaughan

Registered Address

5 Main Avenue
Peterston-Super-Ely

Registered Number

12691257 (England and Wales)
Chief Property Solutions Ltd
Statement of Financial Position
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property6214,331100,000
214,331100,000
Current assets
Debtors81738,067
Cash at bank and on hand4,84759,325
5,02067,392
Creditors amounts falling due within one year9(45,633)(5,662)
Net current assets (liabilities)(40,613)61,730
Total assets less current liabilities173,718161,730
Creditors amounts falling due after one year10(166,271)(154,045)
Provisions for liabilities11(3,376)(3,376)
Net assets4,0714,309
Capital and reserves
Called up share capital2121
Revaluation reserve17,76617,766
Profit and loss account(13,716)(13,478)
Shareholders' funds4,0714,309
The financial statements were approved and authorised for issue by the Director on 14 February 2024, and are signed on its behalf by:
Daniel Andrew Vaughan
Director
Registered Company No. 12691257
Chief Property Solutions Ltd
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity being that of rental investment property.
4.Accounting policies
Functional and presentation currency policy
The presentation currency of the financial statements is the Pound Sterling (£).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Investment property policy
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit/loss.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
5.Employee information

20232022
Average number of employees during the year00
6.Investment property

£
Fair value at 01 July 22100,000
Additions114,331
At 30 June 23214,331
7.Description of nature of transactions and balances with related parties
Included within other creditors at year end is a balance of £40,991 owed to the director by the company. The balance is interest free, unsecured and has no set repayment terms. During the year, the company received a loan of £10,000 from D V Medical Ltd, a related party by common control. The loan is interest free, unsecured and has no set repayment terms
8.Debtors

2023

2022

££
Other debtors-8,009
Prepayments and accrued income17358
Total1738,067
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts2,6282,628
Other creditors40,991-
Accrued liabilities and deferred income2,0143,034
Total45,6335,662
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts73,54773,731
Other creditors92,72480,314
Total166,271154,045
Included within bank borrowings is a loan which is secured on the property under a fixed charge.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)3,3763,376
Total3,3763,376